Markets
Crypto Market Is HODLing Today: Ethereum ETF, Bitcoin, Memecoins
The Bitcoin Spot ETF has seen an average daily inflow of $200 million over the past ten days, with $385 million on Friday and over $530 million on Tuesday.
Despite increased inflows into spot BTC ETFs, Ethereum Spot ETF Approval News Total cryptocurrency market cap is down 1.32% today. TOTAL is around $2.4 trillion over the past 3 days.
This is expected to be a direct impact of the Ethereum ETF approval, as traders are HODLing to react after the ETF inflow report.
A full launch of a spot ETH ETF could push the market above $2.4 trillion. If bullish sentiment is invalidated, the market cap could push into the $2.3 trillion area.
Bitcoin Price is making waves today, retesting resistance at $68,000 and dropping to $66,755 at press time.
Altcoins are leading the list of bulls over the past 24 hours, with coins like ENS, STRK, ETC, and MEW, and some of the cryptocurrencies with the biggest gains like Huobi (HT), MAGA, and HOPR have seen gains of more than 50%.
Memecoin’s market capitalization also dropped 4.5% to $55.7 billion.
Bitcoin nears $70,000 milestone.
Bitcoin Price The action of the last 4 days has shown a clear direction towards the $70,000 zone affiliated with the influx of Spot ETFs.
BTC price now at $66,755 is finding support to make a strong break above the critical resistance of $68,500. Currently, Bitcoin needs to control the bears and focus on price rallies to gather rebound power.
On the BTC/USDT chart, the Awesome Oscillator reveals positive moments for the asset in the short term.
The Alligator indicator was also applied, which indicates that the trend direction shows the open-mouth structure, which means that traders are still entering positions.
The expanding wedge channel pattern is again holding resistance at $70,000.
Bitcoin is expected to surpass $68,500 and enter the $70,000 zone in the trading cycles.
Memecoins are taking a break for a while
Memecoin performance is often proportional to Bitcoin’s direction; in today’s sessions, major memecoins DOGE, SHIB, PEPE, FLOKI, BRETT, and WIF were neutralized and fell.
MOG saw the biggest loss, falling nearly 10% after hitting an all-time high of $0.00000243 yesterday.
The cryptocurrency market in general is in Holding mode today with some assets facing turbulence. It is better to Hold and watch the market movements towards Ethereum ETF approval and other dynamics.